Platinum Group Metals has said its WBJV Project 1 is advancing well, with commencement of underground tunnelling scheduled for later this month.

Announcing its Q3 results, the Vancouver and Johannesburg-based firm said the mine will produce 275,000 4E platinum group elements (platinum, palladium, rhodium and gold) a year.

The company also said it is currently in discussions with several major global banking groups to agree debt financing for WBJV Project 1

In 2011, Platinum Group Metals plans to continue working with joint venture partner funding to conduct exploration on its War Springs, Waterberg and Sable projects.

In addition, it will continue with exploration work and drilling on its Canadian properties located near Thunder Bay, Ontario, as well as on projects outside the WBJV in South Africa.

The firm said its objective for 2012 "is to be advancing a new pgm discovery while continuing the Project 1 mine build".

Source:

Platinum Group Metals Reports Q3 2011 Financial Results (13/07/11) 

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